Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

5. Property and Equipment, Net

As of September 30, 2025 and December 31, 2024, property and equipment, net consisted of the following:


	As of September 30, 2025			As of December 31, 2024
Capitalized equipment	$	7,820		$	7,880
Capitalized internal-use software		22,042			20,060
Capitalized website development		60,142			56,877
Furniture and fixtures		10,252			13,960
Leasehold improvements		85,968			95,691
Construction in progress		625			—
Finance lease right-of-use assets		—			155
		186,849			194,623
Less accumulated depreciation and amortization		(53,915	)		(64,613	)
Total	$	132,934		$	130,010

During the nine months ended September 30, 2025, capitalized internal-use software increased $1,982. The increase was primarily due to $4,955 of additions. The increase was offset in part by the write-off of $2,204 of Digital-Wholesale assets and $769 of impairments of the Digital Wholesale segment capitalized internal-use software.

During the nine months ended September 30, 2025, capitalized website development costs increased $3,265. The increase was primarily due to $21,462 of additions. The increase was offset in part by the write-off of $13,396 of Digital Wholesale assets and $4,801 of impairments of the Digital Wholesale segment capitalized website development costs.

During the nine months ended September 30, 2025, furniture and fixtures and leasehold improvements decreased $3,708 and $9,723, respectively, primarily due to disposals of fully depreciated assets within the U.S. Marketplace segment related to the expiration of the lease of office space at 55 Cambridge Parkway.

During the nine months ended September 30, 2025, accumulated depreciation decreased $10,698 due primarily to the write-off of accumulated depreciation related to the impairments of CarOffer reporting unit assets in the Digital Wholesale segment. The Company wrote off $2,204 and $13,396 of accumulated amortization related to the capitalized internal-use software costs and capitalized website development costs, respectively.

For the three months ended September 30, 2025 and 2024 and for the nine months ended September 30, 2025 and 2024, depreciation and amortization expense, excluding amortization of intangible assets, amortization of capitalized hosting arrangements, disposals, and impairments, was $6,543, $4,669, $18,762, and $15,174, respectively.

For further discussion of impairments, refer to Note 6 of the Unaudited Condensed Consolidated Financial Statements.